Tencent Music Entertainment Group (NYSE:TME) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its holdings in Tencent Music Entertainment Group (NYSE:TME) by 4.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,478,297 shares of the company’s stock after purchasing an additional 211,873 shares during the quarter. Principal Financial Group Inc. owned approximately 0.32% of Tencent Music Entertainment Group worth $66,013,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Tencent Music Entertainment Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after purchasing an additional 84,131 shares during the last quarter. Ninety One UK Ltd acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at approximately $122,775,000. Driehaus Capital Management LLC increased its position in Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after acquiring an additional 1,925,124 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Tencent Music Entertainment Group by 58.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after purchasing an additional 2,284,347 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Tencent Music Entertainment Group by 14.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock valued at $71,984,000 after purchasing an additional 753,383 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TME. Barclays started coverage on Tencent Music Entertainment Group in a research note on Wednesday. They set an “overweight” rating and a $16.00 price objective for the company. Mizuho lowered their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $13.03.

Tencent Music Entertainment Group Trading Down 3.3 %

TME opened at $11.39 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a fifty-two week low of $6.76 and a fifty-two week high of $15.77. The firm has a market capitalization of $19.55 billion, a PE ratio of 22.78, a P/E/G ratio of 0.86 and a beta of 0.67. The company’s 50-day moving average is $11.39 and its 200 day moving average is $12.85.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The firm had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. As a group, research analysts predict that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.